2025-08-25-PitchBook-PitchBook年二季度AI公共报表和估值指南（英）页_10页_417kb

Q2 2025 AI Public Market Analysis Summary

I. Market Overview

In Q2 2025, public markets heavily favored AI infrastructure providers, with AI-driven momentum shaping stock performance. The S&P 500 rose 10%, and Nasdaq 17%, while AI core conglomerates, pure-plays, and semiconductors returned 22%-27%, surpassing the broad market. This shift reflects a move from hype to performance-based evaluation, favoring companies controlling AI infrastructure and demonstrating monetization.

II. Key Performance Metrics

• Stock Returns: Hyperscalers like CoreWeave (up 210%), Microsoft, and Meta led returns, driven by AI datacenter investments and partnerships. Semiconductors (e.g., NVIDIA and AMD) outperformed, fueled by demand for GPU clusters and AI chip innovation.
• Revenue Growth: AI revenue is expected to decelerate in 2026, but core conglomerates and autonomous machines are exceptions, benefiting from strong enterprise adoption and hyperscaler investments.
• Valuation Changes: TTM EV/revenue multiples increased modestly (e.g., hyperscalers from 6.6x to 6.8x), but semiconductors near all-time highs. EBITDA margins held steady.

III. Future Outlook

AI adoption is in early stages, continuing to boost cyclic recovery through 2026. While growth may decelerate in the next 18 months, AI semiconductors and software providers are expected to outperform as enterprises integrate agentic AI. Persisting risks include macro-overhangs like tariffs and inflation, which could further impact valuations.

IV. Conclusion

Public markets reward AI infrastructure and monetization strategies, with AI driving broad market gains despite potential near-term slowdowns. Tighter evaluations and competitive pressures may temper future performance, but innovation in chips and enterprise applications remains a growth driver.